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8-K - LIVE FILING - FINANCIAL INSTITUTIONS INC | htm_55377.htm |
Exhibit 99.1
Financial Institutions, Inc.
FOR IMMEDIATE RELEASE
Financial Institutions, Inc. Provides Update on
At-The-Market Offering of Common Stock
WARSAW, N.Y. September 22, 2017 Financial Institutions, Inc. (NASDAQ:FISI) (the Company), the parent company of Five Star Bank, Scott Danahy Naylon, LLC and Courier Capital, LLC, today provided an update on the Companys up to $40 million at-the-market equity offering program that commenced on May 30, 2017 (ATM Offering). The recent trading window for the sale of shares under the ATM Offering closed at the end of trading on September 14, 2017.
The Company has sold a total of 1,069,635 common shares at an average price of $29.01 per share, raising approximately $31.0 million in gross proceeds through the ATM Offering. The shares were offered through Sandler ONeill + Partners, L.P., as sales agent. The Company has received net proceeds of approximately $29.8 million.
We are pleased to have raised approximately $31 million through our ATM Offering, stated Martin K. Birmingham, the Companys President and Chief Executive Officer. We will continue to assess our capital needs and evaluate market conditions in deciding whether to continue the ATM Offering.
About Financial Institutions, Inc.
Financial Institutions, Inc. provides diversified financial services through its subsidiaries Five
Star Bank, Scott Danahy Naylon, LLC (SDN) and Courier Capital, LLC (Courier Capital). Five Star
Bank provides a wide range of consumer and commercial banking and lending services to individuals,
municipalities and businesses through a network of more than 50 offices and 70 ATMs throughout
Western and Central New York State. SDN provides a broad range of insurance services to personal
and business clients across 45 states. Courier Capital provides customized investment management,
investment consulting and retirement plan services to individuals, businesses, institutions,
foundations and retirement plans. Financial Institutions, Inc. and its subsidiaries employ
approximately 650 individuals. The Companys stock is listed on the NASDAQ Global Select Market
under the symbol FISI. Additional information is available at www.fiiwarsaw.com.
Forward-Looking Statements
Statements contained in this press release which are not historical facts constitute
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995. Similarly, statements that describe the objectives, plans or goals of the Company are
forward-looking. These forward-looking statements can generally be identified as such by the
context of the statements, including words such as believe, expect, anticipate, plan,
may, would, targeting, intend, outlook, estimate, guidance and other similar
expressions, whether in the negative or affirmative. These forward-looking statements involve
significant risks and uncertainties. All forward-looking statements made herein are qualified by
the cautionary language in the Companys Annual Report on Form 10-K and other documents filed with
the SEC. These documents contain and identify important factors that could cause actual results to
differ materially from those contained in our projections or forward-looking statements. Except as
required by law, the Company assumes no obligation to update any information presented herein.
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For additional information contact: |
Shelly J. Doran
Director Investor & External Relations
(585) 627-1362 or sjdoran@five-starbank.com